Logix #2

Loan Definitions

100

Define APR and how do we quote rates.

Annual Percentage Rate. "The rate as low as......annual percentage rate."

200

Define "LTV".

LTV = Loan to Value. This is a ratio comparing the collateral value vs the amount lent.

300

Define "DTI".

Debit to Income. This is a ratio that compares a members monthly credit expenses vs their monthly income.

400

What are mortgage loan impounds?

Impounds are expenses collected with regular payments in addition to the required principle and interest amounts. (taxes, insurances)

500

Define the "right of rescission".

The right of rescission is a right, set forth by the Truth in Lending Act (TILA) under U.S. federal law, of a borrower to cancel a home equity loan or line of credit with a new lender, or to cancel a refinance transaction done with another lender other than the current mortgagee, within three days of closing

FRM

100

What is FRM's extension?

2150

200

Define "phishing" and "vishing".

Phishing happens when criminals impersonate legitimate businesses or processes to acquire information such as usernames, passwords, account numbers or credit card details via email.

A Vishing email message instructs the recipient to make a phone call. The call triggers a voice response system that asks for the users credit card or account number under the guise of protecting, verifying or updating information. Some recipients may be directed to phone an 800 number.

300

US Postal Money Order:

What security features are visable when placing the money order under a Uveritech light?

USPS Logo repeating, Red glowing thread.

When in doubt:

U.S. Postal Service Money Order Verification System – 866-459-7822

400

Check Kitting:

Provide 2 red flags examples we use to identify check kitting.

 High number of deposits

 Funds coming from suspected kiter’s accounts

 Checks in float greater than closing bank balances

 More “real” money going out than put in

 In and Out activity conceals negative actual balances

 Total dollar debits and credits are almost equal

 Many deposit items drawn on the same bank(s) or payable to the same

payee

 Overdrafts covered with checks and not with cash

 Checks written in “round” dollar amounts

 Frequent inquiries regarding account balances

 Frequent use of different bank branches

 Frequent use of ATM's to make deposits

500

Counterfeit Checks:

List 3 ways to spot a counterfeit check.

Maker and Issuing Bank locations do not make sense with Payee’s location

Blurry Names/Logos

Even dollar amount and out of the norm for member

Varying font styles throughout

Check #in top right corner may be different than MICR Check #. MICR may also be missing routing and/or checking number

Operations

100

What is the retention period for the branch totals?

3 months plus current month

200

True or False:

We are allowed to cash bond for members and non-members?

False

We may only negotiate bonds for members.

300

What is BSA and what does it require financial institutions to do?

Bank Secrecy Act. Requires banks to file and maintain records of large cash transactions by filing CTR's or other forms.

400

Check Endorsement:

When a check has a "/" how do you handle this for negotiability? (What does this mean?)

Whenever the check payee has a " / " this means "or". For example, if a check is payable to "Susan/Sally" this would mean that either person can negotiate the check. If there is no “/” between payees, for example, if a check is payable to “Susan, Sally” this would also mean that either person can negotiate the check.

500

What is the procedure if you identify a counterfeit bill?

1. Place the suspicious bill(s) into the light of the UVeritech Counterfeit Detector to attempt to verify the bill's authenticity. Refer to Exhibit A - Know Your Money and/or Exhibit 60-18-B - Quick Guide Counterfeit Detection on what to look for when verifying a bill.

2. If you are unable to verify the authenticity of the bill using the UVeritech

Counterfeit Detector and Exhibit tools, explain to the member/non-member that

the bill cannot be transacted at this time and must be sent to the US Secret Service for verification. If the bill(s) is determined genuine by the US Secret Service, it will be returned and credited to the appropriate account as applicable. Alternatively, the bill(s) will not be returned if it is determined counterfeit. If you ARE able to verify the authenticity of the bill using the UVeritech Counterfeit Detector and Exhibit tools, proceed with the requested transaction. Alert: NEVER return a suspected counterfeit bill(s) to the presenter; delay their departure as long as possible so that the appropriate procedure can be conducted. If the member/non-member becomes irritated or confrontational, contact the Security Department immediately.

3. Observe the presenter's appearance and demeanor as well as any companions that may have accompanied them.

4.Login to the USDollars website www.usdollars.usss.gov/)

Virtual Channels

100

List 3 benefits to using a virtual channel such as online banking, mobile banking.

Saves time - obtain information quick and easy

Saves money - pay bills and avoid check orders and using stamps

Piece of Mind - access all your financial information and ability to transfer 24/7

Convenience - Simple and easy log in with all your banking history at your fingertips.

200

What is the maximum eDeposit mobile limit members can request?

$50,000 (Daily)- temporary due to Covid-19

$10,000 (Daily) - standard

300

Name 3 features to using Logix online or mobile banking system.

 Perform transactions 24 hours a day, 7 days a week

 Check account information and balances

 View, download, and print account statements

 Transfer funds for loan payments or other accounts

 Pay bills electronically with BillPay

 Ability to download account data into personal financial software packages

o Ex: Quicken and Money

 Setup alerts for account events

o Ex: payroll deposits or balance changes

400

List 3 features offered by Logix mobile banking application.

Account Balances, Transaction History, Transfers, Loan Payments, ATM Locations

 Have full account access using Face ID/Touch ID/PIN (Apple) or Android Fingerprint/PIN

 View, download, and print account statements

 Change Username/Password

 View Transactions

o Account Details

o Mobile eDeposits

 Make check deposits to any deposit account up to the daily limit (usually $5,000).

 Deposits to the account at the time the deposit is made (holds to funds may

apply).

 All checks deposited are required to have the payee’s signature followed by “For

mobile deposit only at Logix”

 Accounts with Foreign Addresses are not qualified

o Check Images (cleared and deposits)

o BillPay

o Add a Biller to BillPay

o Money Mover (External Account)

o Add Money Mover/External Account

o Transfer to another member

 Card Activation

 Card Freeze/Unfreeze

 View Statements

 Update Statement Preferences

 View Account Routing/Transit Numbers (MICR)

 Travel Notifications

 Marketing Links

 Check Ordering

500

What is the maximum amount a member can utilize for Money Mover?

$25,000 (in increments of $5,000)

MISC

100

How long can members currently defer their consumer loan payments due to Covid-19?

3 months

200

Meal Penalty:

Between what hours are you required to take your lunch at the latest?

5th and 6th hours

300

WOW Program:

What dollar amount are you authorized to spend to WOW a member before you need an approval?

$150

400

How old is Logix?

83 

500

How many members originally founded Logix?

12